Keiser Report: Money Laundering and Bitcoins (E819)

Check Keiser Report website for more: http://www.maxkeiser.com/ In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the big banks wanting the blockchain without bitcoin, which they claim is associated with money laundering and yet happily pump big bucks into the property market in the UK, which a senior police officer has identified as the preferred location for dirty money. In the second half, Max talks to Jaromil of Dyne.org about blocksize – why does it matter?

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I told that guy already who scoffed at my point of view, the banks will never let Bitcoin continue. If it looks like it's going to really take hold, they will steal its concept and shut it down. Bitcoin will become illegal, it it survives we must have won the revolution.﻿

5:52 LolGood conversation. I find it great that you point out that bank's business model is making money out of debt. I must add though, that their whole business model is being disrupted because many startups are targeting the other part of the deal, the credit industry. Even without the perks of being a bank (marginal reserve lending) these startups are still able to turn a profit and compete with great rates. If I were a bank I could try to defend my illicit business (that no-body understands. Economics and finance aren't even taught in schools and they might have something to do with it) or, move on and compete in the legal business of credit risk management instead of wasting all of my resources in trying to keep on making money from an illicit legal loophole (that they probably created) called marginal reserve lending. Eventually, the world is going to be smart enough to know that a debt-base system where printing money is a $20M license away isn't sustainable. The amount of the debts aren't payable anymore. This isn't economics anymore (administrating resources for everyone's survival in the long run), this is chaos, and a race for transforming the world's resources into something that can be sold without even thinking much of what we are doing in the first place. Global collapse on the old system coming. Shining new monetary and economic systems rising. Get ready to be more self-sustainable cus transition might be tough for some/many﻿

I prefer this bitcoin -blockchain idea over the current monetary system. But why are we trying to create scarcity in the first place? Can't we just move to a technical system where everyone has a minimum level of requirements met since there are enough resources globally to do so?﻿

Uhh, wait. They want to distance themselves from bitcoins because they're used for illicit activity? Isn't that exactly what cash is used for? I don't buy my drugs and hookers on credit, do you? They're stupid. I mean the bankers obviously.﻿